Question

Prior to recording adjusting entries, the Office Supplies account had a $370 debit balance. A physical count of the supplies showed $111 of unused supplies available. The required adjusting entry is: Multiple Choice () Debit Office Supplies $259 and credit Office Supplies Expense $259, Doha Debit Office Supplies Expense $111 and credit Office Supplies $111. 0 O Debit Office Supplies $111 and credit Supplies Expense $259. 0 Debit Office Supplies $111 and credit Office Supplies Expense $111 0 O Debit Office Supplies Expense $259 and credit Office Supplies $259. < Prev 12 of 19 Next >

Answer 1

	Office supplies as per books of account	$        370
	Less:
	Actual Count	$        111
	Shortage	$        259
Therefore the adjusting entry would be
Date	Account Title	Debit	Credit
	Office Supplies expenses	$        259
	Office Supplies		$        259
	( to record shortage of office supplies)
	Correct Option: LAST
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